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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12835
Experience:  B.A.; M.B.A.; J.D.
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Had a chap 13 discharged in 2012, had moved out of a property

Resolved Question:

Had a chap 13 discharged in 2012, had moved out of a property and it was surrendered in the bankruptcy. However it has not been foreclosed on. I wish to resolve this with the bank who is willing to work with me. Big question..it has a second mortgage/credit line, that makes the house not worth it if I have to pay that too. It was included in the bankruptcy. do I still have to pay that??
Submitted: 1 year ago via LawDepot.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

If both mortgages were discharged in your Bankruptcy, and if you did not re-affirm either mortgage, you do not have to pay either mortgage.

Customer:

ok can I assume the 1st and move back in ? :)

Customer:

basically can I reaffirm the original and still have no obligation to the second?

cfortunato :

Until the house sells in a foreclosure sale, the house belongs to you.

cfortunato :

You can move back into the house, or you can rent it to someone else (if you disclose the fact that the house will foreclose eventually).

Customer:

Great.. sorry to be redundant... but just to affirm... I move in with agreement with the bank with modification to mortgage... bank 2 can not come after me for their money...???

Customer:

this is very exciting....

Customer:

hello... I have to go... soon

Customer:

says your offline?

Customer:

ok bye

Expert:  cfortunato replied 1 year ago.

Sorry this took so long (I am still online) - I had to switch out of CHAT mode, which does not seem to be working properly.

1) What is the current market value of your home?

2) What is the balance on the first mortgage?

3) If the balance on the first mortgage is greater than the market value, did you have the second mortgage lien "stripped" (removed) from the property?

Customer: replied 1 year ago.


please opt out of this question asap

Customer: replied 1 year ago.


ok sorry didnt see tht you had answered again. thank you.. looking up that info.. I know i did not strip the second mortgage


 

Customer: replied 1 year ago.

Balance on the home is 63,300


 


value is about 55,000-60,000


 

Expert:  Phillips Esq. replied 1 year ago.
Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.



A different Professional here. I will try to address your concerns.


If you did not strip the second mortgage in your bankruptcy, the second mortgage is still on the property. Eventhough your personal obligation on the note on the first and second mortgages were discharged in bankruptcy, the mortgages on the property were not discharged and would remain on the property until the property is foreclosed. So, you cannot assume the first mortgage and believe that the second mortgage is no longer on the property. The second mortgage is still on the property regrettably. However and more importantly, the second mortgage lender can never come after you personally for the loan, but can foreclose on the mortgage.

Customer: replied 1 year ago.


thank you very much.. the truth hurts sometimes.. that is the black and white answer i needed. are there any tricks to get them off it? maybe a small settlement. do you think that is worth a try? That is the last q.. thank you very much sir!

Expert:  Phillips Esq. replied 1 year ago.

thank you very much.. the truth hurts sometimes.. that is the black and white answer i needed. are there any tricks to get them off it? maybe a small settlement. do you think that is worth a try? That is the last q.. thank you very much sir!


Response: Yes, there are some tricks. You can try to see if you can settle with them and then have them send you Satisfaction of Mortgage/Release of Mortgage to record.


Let me know if you need further clarification.

Customer: replied 1 year ago.

No,, thats is great info. Thank you. That will be my approach. :)

Expert:  Phillips Esq. replied 1 year ago.
You are quite Welcome!


All the best
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 12835
Experience: B.A.; M.B.A.; J.D.
Phillips Esq. and 2 other Bankruptcy Law Specialists are ready to help you

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